NEW YORK (TheStreet) -- Shares of Activision Blizzard (ATVI) - Get Report are rising 1.14% to $39.54 in mid-morning trading on Friday after Pacific Crest analysts raised their price target to $43 from $41 because of strong reviews for Overwatch, the Santa Monica, CA-based company's latest first-person shooter video game. The firm maintained an "overweight" rating on the stock.

About 7 million units of Overwatch, launched May 24, are expected to sell in the fiscal 2016 second quarter, compared with the previous estimate of 5 million units.

"Overwatch has wide appeal with its 'friendly' gameplay, short 6 to 16 minute game sessions (allowing for ads between sessions) and custom camera angles specifically for eSports," Pacific Crest analysts said in a note this morning.

"Success in eSports would drive more engagement and provide a longer revenue stream due to ancillary revenue streams like events, merchandise and advertising," analysts added.

Additionally, Pacific Crest analysts raised their earnings per share estimates to $1.92 from $1.85 for the 2016 fiscal year, and to $2.15 from $2.05 for the 2017 fiscal year.

Both estimates are above the earnings consensus of $1.84 per share and $2.13 per share for fiscal 2016 and fiscal 2017, respectively.

Separately, Activision Blizzard has a "buy" rating and a letter grade of A- at TheStreet Ratings because of the company's revenue growth, solid stock price performance, expanding profit margins, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.